Not long ago, market commentators declared the death of software-as-a-service (SaaS). The rise of generative AI sparked widespread anxiety that traditional software incumbents would be disrupted overnight by AI-native competitors or users writing custom code on demand. However, as recent earnings results revealed, reports of the sector's demise were exaggerated. In the latest episode of Forager Funds' Stocks Neat podcast, Chief Investment Officer Steve Johnson and co-host Gareth Brown unpack ...

Has AI brought Judgment Day for SaaS, or just created a new hunting ground for investors willing to be selective? In this episode of Stocks Neat, Steve Johnson and Gareth Brown explore the sell-off across global software, the businesses most exposed to disruption, and the ones they believe remain sticky, embedded and undervalued. With contributions from portfolio manager Alex Shevelev on the Australian market and analyst Bella Foley on Japan, the episode sets out the framework For...

Built to Last From navigating market cycles to building a more resilient financial firm, MA Financial co-CEO Julian Biggins joins Steve Johnson for a special episode of Stocks Neat. Julian reflects on what makes businesses endure when conditions get tougher, and why long-term success comes not from chasing every opportunity, but from surviving the cycle. As he puts it: “You don’t need to win everywhere. You just need to survive the cycle.”

Episode 40: The Business of Booze: Can “Zero” Be Diageo's Comeback Story? Alcohol has long been seen as a reliable, cash-generative industry. But in this episode of Stocks Neat, Steve Johnson and Gareth Brown explore why that assumption is being challenged and whether the sector can adapt. Drawing on Gareth’s recent meetings in London, including discussions with global drinks giant Diageo (LON:DGE), the conversation digs into falling consumption and generational shifts in drinking habi...

High Performance In and Out of the Pool From Olympic gold to the ASX 200, Generation Development CEO Grant Hackett joins Steve Johnson for a special episode of Stocks Neat. They discuss Grant’s journey from elite sport to business leadership, the importance of purpose beyond success, and how lessons from swimming translate into building a $3 billion company. As Grant shares: “You’re retired to something, not from something.” The conversation also dives into Generation Development’s core busin...

In the latest Stocks Neat episode, Steve Johnson, Gareth Brown and Isabella Foley dive into Japan’s corporate transformation — from shareholder returns and buybacks to digitisation and the demographic shifts reshaping opportunities. “It’s been like a snowball that’s been pushing across a flat surface for a long period of time. It’s finally started to gather some momentum.” – Steve Johnson With Japan now a significant part of the international portfolio, the team shares where they’re finding v...

As the financial year wraps, Episode 37 of Stocks Neat takes a deep dive into the standout performance of Financial Year 25. Chief Investment Officer Steve Johnson is joined by Portfolio Managers, Gareth Brown and Alex Shevelev to discuss what drove results across Forager’s international and Australian funds — from Japanese software gems to ASX tech turnarounds and undervalued relics making quiet comebacks. The conversation covers how passive flows are reshaping the investing landscape, the i...

Alternative assets are going mainstream — but are investors ready? In this special episode of Stocks Neat, Steve Johnson is joined by Stephen Darke, CEO of Navigator Global Investments, to unpack the ever-expanding world of alternative assets: from hedge funds and seeding strategies to manager selection and structural risks. With decades of experience allocating capital globally, Stephen shares what it takes to identify a repeatable edge, when to walk away, and why institutional lessons are n...

Markets are swinging wildly, and policy tweets aren’t helping. In this quarter’s podcast, Chief Investment Officer, Steve Johnson, and Forager International Shares Fund Portfolio Manager, Harvey Migotti, dive into the renewed tariff chaos sparked by Donald Trump’s latest announcements. They explore what it could mean for US exceptionalism, inflation expectations, and global investor sentiment. From the bond market's sharp reaction, to the larger than expected tariffs and broader questions aro...

In Episode 34 of Stocks Neat, Chief Investment Officer, Steve Johnson, and Portfolio Manager, Gareth Brown, take a deep dive into the challenges facing active fund management giants Magellan and Platinum, and the lessons for investors seeking long-term outperformance. They unpack what’s gone wrong, the rise of ETFs, and why small-cap opportunities remain a crucial edge for Forager. The discussion explores industry trends, the impact of fund size on performance, and how Forager stays nimble in...